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Grupo Indalo

Grupo Indalo

Grupo Indalo was established in the early 2000s as a group of companies led by Cristóbal López from his native province (Chubut) The companies operated in several economic sectors, mainly transportation, casino and gambling, oil and fuel. In 2010 Indalo entered the media industry after purchasing two radio stations (FM Del Mar 98.7 and FM 90.3), a newspaper (El Patagónico), a magazine (Polar) and a TV channel (Canal 9), which were all located in the city of Comodoro Rivadavia.

In 2011 it purchased news portal Minuto Uno. In 2012 the group’s media expanded the most, as it purchased Daniel Hadad’s five radio stations (FM Vale, One, Mega and Pop, and AM Radio 10) and his news channel C5N.

That year, it also bought bank Finansur to enter the financial sector.

Grupo Indalo’s growth also included audiovisual production companies. In 2013 it partnered with production company Ideas del Sur, owned by renowned TV host Marcelo Tinelli. In 2015 it purchased production companies La Corte and Pensado Para Televisión. The group also purchased most of the stock of newspapers Ámbito Financiero and The Buenos Aires Herald.

In 2016 it purchased some of the stock of dying Grupo Veintitrés and closed a deal to buy paid content TV channel CN23, free newspaper El Argentino and 50% of FM Vorterix.

As of 2016, the group’s shareholders face prosecution for evading fuel sale and distribution taxes worth $8 billion. Both Cristóbal López and his partner Fabián de Sousa are in prison for tax evasion.

All the media belonging to the group are subject to official intervention, since the oil company (Oil Combustibles) through which the evasion took place was the controlling company of all Grupo Indalo firms. As of 2016, the group sold part of its main assets, such as bank Finansur and all its casino enterprises.

Key facts

Mother Company

Inversora MyS

Business Form


Legal Form

Joint stock corporation

Business Sectors

Oil and oil by-products extraction, distribution and commercialization; food production; cattle breeding; olive oil manufacturing and exportation; agriculture; hospitality; road construction; plastic treatment; casinos and gambling; car sales


Individual Owner

Cristóbal López

He is the mentor and founder of Grupo Indalo, which was created when López’s first companies began to operate in the south part of Argentina. Most of his businesses were in the oil and gambling industries. Since 2010, Cristóbal López decided to diversify his group’s businesses, thus becoming more connected to different administrations (local, provincial and national governments). He is in prison for tax evasion.

Media Outlets
Other Media Outlets

Other Print Outlets

Ámbito Financiero

Other TV Outlets

C5N (Buenos Aires)

Other Radio Outlets

FM Mega 98.3 (Buenos Aires)

Other Online Outlets


Media Business

Audiovisual production company

Pensado Para Televisión



Olivares del Sol

Plastic manufacturing

Alcalis de la Patagonia

Oil services and production

Petrolera Cerro Negro


Oil Construcciones


Los Notros

Cattle breeding

Ganadera Victoria

Car retail

Tsuyoi S.A.

General Information

Founding Year


Affiliated Interests Founder

Cristóbal Manuel López

Most of his businesses were in the oil and gambling industries. Since 2010, Cristóbal López decided to diversify his group’s businesses, thus becoming more connected to different administrations (local, provincial and national governments).


600 (only in media)


Av. Córdoba 657, city of Buenos Aires

Financial Information

Revenue (Financial Data/ Optional)

Missing data

Operating Profit (in Mill. $)

Missing data

Advertising (in % of total funding)

Missing data


Executive Board

Cristóbal Manuel López

President of the board

Other Influential People

Sergio Bartolomé Szpolski

After selling part of his media to Grupo Indalo in 2016 (Vorterix, El Argentino and CN23), both Szpolski and his partner, Matías Garfunkel, became minority shareholders of former Grupo Veintitrés. In 2019 Szpolski’s main business interests are in the private security industry. He faces legal prosecution for tax evasion, asset stripping and fraud in his former media companies. He ran for mayor of the city of Tigre for political party Frente para la Victoria in 2015.

Further Information

Data Publicly Available

ownership data is easily available from other sources, e. g. public registries etc.

2 ♥


Becerra, Martín y Mastrini, Guillermo (2017). Medios en guerra: balance, crítica y desguace de las políticas de comunicación 2003-2016. Biblos, Buenos Aires.

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